## IMF Fiscal Monitor -- Acting Now, Acting Together -- April 2016 _Fiscal Monitor, April 13, 2016_ ## Source details **Canonical URL:** [IMF Fiscal Monitor -- Acting Now, Acting Together -- April 2016](https://www.imf.org/en/publications/fm/issues/2016/12/31/acting-now-acting-together) ## Other formats - [Markdown version](/en/publications/fm/issues/2016/12/31/acting-now-acting-together/index.md) - [Structured JSON version](/en/publications/fm/issues/2016/12/31/acting-now-acting-together/index.json) - [Bundle manifest](/en/publications/fm/issues/2016/12/31/acting-now-acting-together/bundle-manifest.json) ## Bibliographic details - Published: April 13, 2016 - Series: Fiscal Monitor --- ### Global economic outlook and policy context - The global economy remains fragile. - Recovery in advanced economies is softening; many emerging market and developing economies have experienced a significant economic slowdown, and some large countries show signs of distress. - Global risk aversion has risen, and commodity prices have continued to fall since the April 2015 Fiscal Monitor. - The weaker outlook and concerns about the ability of policymakers to provide an adequate and swift policy response have amplified downward risks and clouded global prospects. - The challenging environment calls for a comprehensive policy response to boost growth and reduce vulnerabilities. - It is critical to identify policies that could lift productivity growth by promoting innovation. ### Chapter 1 — Navigating a Risky World: key findings - Fiscal positions have worsened significantly in the past year, with public debt ratios being revised upward in most countries. - Revisions have been largest in emerging market and middle-income economies, where fiscal deficit ratios in 2015–16 are now expected to exceed the levels observed at the beginning of the global financial crisis. - In advanced economies, the projected peak in public debt has been postponed once again by one year. - Main forces driving deterioration of debt dynamics: - Continued weakness in global activity. - Decline in commodity prices. - Slowdown in trade. - Tighter financial conditions in emerging market and developing economies. - All countries need to adapt to new realities; there is no one-size-fits-all solution. The appropriate policy response varies across countries and depends on the nature of the fiscal challenge they face. Chapter 1 sections and analytical components (listed in source) - Worsening Fiscal Trends - Advanced Economies: Growing Divergences in Fiscal Policy - Emerging Market and Middle-Income Economies: Tough Policy Adjustments Ahead - Low-Income Developing Countries: Riding Out the Turning Tide - Fiscal Risks on the Rise - Responding to New Realities - Boxes: 1.1–1.4 (including The Fiscal Implications of Slowing Global Trade; The Fiscal Response to the Refugee Influx in Europe; Contingent Liabilities; Developing a Fiscal Risk Management Framework) - Figures and Tables covering revisions and fiscal indicators for the periods 2007–21, 2009–17, and 2016–18 as specified in the source ### Chapter 2 — Fiscal Policies for Innovation and Growth: key messages and recommendations - Productivity has moved to the top of the global policy agenda. - Fiscal policy is a potent instrument for productivity growth through innovation, focused on three channels: research and development (R&D), technology transfer, and entrepreneurship. - Key policy messages (verbatim from source): - "Governments in many countries should do more to promote R&D, for example, by providing well-designed subsidies and tax incentives. If R&D were lifted by 40 percent, GDP could rise by 5 percent in the long term." - "In emerging market and developing economies, governments should invest in education, infrastructure, and institutions to facilitate absorption of technologies from advanced economies." - "Fiscal policies to foster innovative entrepreneurship should be targeted to new firms rather than small firms." - Chapter 2 analytical structure and annexes (listed in source): - Using Fiscal Policies to Spur Innovation - Supporting Research and Development - Fostering Technology Transfer - Promoting Entrepreneurship - Conclusion - Annex 2.1–2.4 (Fiscal Policy, R&D, TFP growth; Corrective Fiscal Incentives for R&D; Taxation and FDI; Taxation and Entrepreneurship) - Topic boxes and figures (2.1–2.5, 2.6–2.18) and tables (including Table 2.1.1 Benefits and Costs of Patents) - Empirical and policy tools highlighted: - Well-designed subsidies and tax incentives for R&D. - Public investment in education, infrastructure, and institutions to aid technology absorption. - Targeted support for new-firm entrepreneurship rather than across-the-board small-firm support. - Consideration of patenting, green innovation, preferential tax treatment of income from intellectual property, and country-specific innovation programs (including BRICS and programs for young innovators and start-ups). ### Methodology, data coverage, and appendices (high level) - Methodological and Statistical Appendix includes: - Data and Conventions - Fiscal Policy Assumptions - Definition and Coverage of Fiscal Data - Economy groupings and coverage tables are provided for: - Advanced Economies, Emerging Market and Middle-Income Economies, Low-Income Developing Countries - Extensive tables A1–A25 and country-level series covering 2007–21 (balances, revenue, expenditure, gross and net debt, and structural fiscal indicators) are included in the publication. *International Monetary Fund, Fiscal Monitor, April 2016* --- ## Content in this bundle - **ملخص واف لتقرير الراصد المالي** - [ملخص واف لتقرير الراصد المالي (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2016/01/pdf/fmexsa.pdf.md){rel="alternate" type="text/markdown"} - [ملخص واف لتقرير الراصد المالي (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/fm/2016/01/pdf/fmexsa.pdf){rel="external" type="application/pdf"} - **تقرير الراصد المالي: التكيف مع الواقع الجديد - نشرة الصندوق الإلكترونية** - [تقرير الراصد المالي: التكيف مع الواقع الجديد - نشرة الصندوق الإلكترونية (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2016/_res041316aa.pdf.md){rel="alternate" type="text/markdown"} - [تقرير الراصد المالي: التكيف مع الواقع الجديد - نشرة الصندوق الإلكترونية (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2016/_res041316aa.pdf){rel="external" type="application/pdf"} - **戮力同心，立即行动起来; 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